Diamondback Energy — Aug 4, 2025 release

SECOND QUARTER 2025 AND RECENT HIGHLIGHTS • Average oil production of 495.7 MBO/d (919.9 MBOE/d) • Net cash provided by operating activities of $1.7 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.1 billion • Cash capital expenditures of $864 million • Free Cash Flow (as defined and reconciled below) of $1.2 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.3 billion • Declared Q2 2025 base cash dividend of $1.00 per share payable on August 21, 2025; implies a 2.7% annualized yield based on August 1, 2025 closing share price of $146.14 • Repurchased 2,991,653 shares of common stock in Q2 2025 for $398 million excluding excise tax (at a weighted average price of $133.15 per share); repurchased 1,669,115 shares of common stock to date in Q3 2025 for $238 million excluding excise tax (at a weighted average price of $142.45 per share) • Total Q2 2025 return of capital of $691 million; represents ~52% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q2 2025 base dividend • Repurchased $252 million in aggregate principal amount across Diamondback's Senior notes due 2031, 2051, 2052 and 2054 at a weighted average price of 76.8% of par (~$196 million) • On July 31st, the Company's Board of Directors approved a $2.0 billion increase to the share repurchase authorization to $8.0 billion from $6.0 billion previously, leaving approximately $3.5 billion of current availability for future repurchases UPDATED 2025 GUIDANCE HIGHLIGHTS • Narrowing full year oil production guidance to 485 - 492 MBO/d and increasing annual BOE guidance by 2% to 890 - 910 MBOE/d • Lowering full year cash capital expenditures to $3.4 - $3.6 billion; $100 million (3%) below prior midpoint and down $500 million (13%) from original full year 2025 guidance midpoint • Implies full year 2025 oil production per million dollars of cash capital expenditures ("MBO per $MM of CAPEX") of 50.9, ~14% better than original guidance • The Company expects to drill 425 - 450 gross (395 - 418 net) wells and complete between 490 - 515 gross (458 - 482 net) wells with an average lateral length of approximately 11,500 feet in 2025 • Q3 2025 oil production guidance of 485 - 495 MBO/d (890 - 920 MBOE/d) • Q3 2025 cash capital expenditures guidance of $750 - $850 million OPERATIONS UPDATE The tables below provide a summary of operating activity for the three and six months ended June 30, 2025: Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Drilled Completed Drilled Completed Area: Gross Net Gross Net Gross Net Gross Net Midland Basin 121  113  108  103  245  229  224  215  Delaware Basin 1  1  8  6  3  3  15  13  Total 122  114  116  109  248  232  239  228  Total Activity (Gross Operated): Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Number of Wells Drilled Number of Wells Completed Number of Wells Drilled Number of Wells Completed Midland Basin: Upper Spraberry 1  8  5  10  Middle Spraberry 9  13  17  21  Jo Mill 26  11  44  28  Lower Spraberry 27  21  54  49  Dean 5  8  12  12  Wolfcamp A 24  11  45  39  Wolfcamp B 26  31  58  53  Wolfcamp D 1  3  5  6  Barnett 2  2  5  6  Midland Basin Total 121  108  245  224  Delaware Basin: 2nd Bone Spring —  —  —  2  3rd Bone Spring 1  5  2  8  Wolfcamp A —  3  1  5  Delaware Basin Total 1  8  3  15  Total Company Operated 122  116  248  239  During the second quarter of 2025, the Company turned 108 operated wells to production in the Midland Basin and eight gross wells